CA AB2942

Establishes the Novel Allogeneic Adipose Cell-Based Viral Therapies Clinical Trials Grant Program, administered by the Treasurer, to fund clinical trials testing novel adipose cell-based viral therapies for cancer treatment.

Requires grant applicants (health facilities) to provide patient safety data on adipose stem cells combined with vaccinia virus and demonstrate proof of concept through a phase 1 safety or clinical trial.

Allocates the first $20,000,000 of awarded grants to phase 1 clinical trials and mandates that a significant portion of grant money be directed to clinical trials in low-income communities historically excluded from leading-edge research.

Requires funded clinical trials to include wraparound services for low-income participants, such as transportation, childcare, and paid medical leave.

Requires the Treasurer to submit a progress report to the Legislature 18 months after future appropriations, assessing clinical trial outcomes and impacts on underserved communities; the program repeals on January 1, 2031.